NEW RIDERS - Buying Motorcycle in the off season? TIPS | GTAMotorcycle.com

NEW RIDERS - Buying Motorcycle in the off season? TIPS

NFP Moto

NFP Moto

Well-known member
Site Supporter
Insurance Specialist
Forum Sponsor
Motorcycles are shiny and tempting, and yes there are deals in the off season. The issue is many people go and buy a motorcycle BEFORE they get their motorcycle license, without Rider Training and paint themselves into a corner. Worse if you plan to finance the motorcycle. Things are easy and great if you do things in the right order but if you dont you will just cause headaches for yourself and your bank account. No one buys a car without a G1 license at least but people do this with bikes all the time, baffling. If you dont have the license or training yet (makes a massive difference on the insurance rate), take the time this winter to check out bikes but wait until the spring to first:

- Book the Rider Training Course
- Get the M1 license
- Get insurance rates ahead of time
- Buy the motorcycle AFTER you pass the course


LearningCurves_Oct19.jpg
 
Last edited by a moderator:
My advice for buying a bike in off season

0nly 2 things needed to buy, show up with a trailer and cash. Be prepped to walk away.

After that get insurance to cover theft/fire for the winter months.

Then take course and get road insurance, I'd suggest a broker over an agent
 
meme said:
My advice for buying a bike in off season

1) 0nly 2 things needed to buy, show up with a trailer and cash. Be prepped to walk away.

2) After that get insurance to cover theft/fire for the winter months.

3) Then take course and get road insurance, I'd suggest a broker over an agent
Click to expand...
Step 2 is almost impossible for most people. Insurance companies don't like writing comp only on bikes. Liability is almost free over the winter but obviously insurance company won't want to write that either if you don't have a license. Maybe having an M1 and having a date booked for M2 is sufficient to get a policy in force? Or just no insurance on the bike until you take the course.
 
Brokers are only as good as the companies under their umbrella. Fun fact, you can even find savings by moving your policy to different ‘offices’ of the same company (e.g. all state Whitby to Ajax office).

I always advise students to insure something, anything (a broken a scooter that won’t even turn over) even through the winter. Get that positive insurance history going ASAP.
 
"They don't like".

Oh well, insurance is provincially mandated for vehicles. A good broker (or agent , I have a great SF one for some policies) will make this happen.

My broker will look at all companies. That's her job to do for me.
 
meme said:
"They don't like".

Oh well, insurance is provincially mandated for vehicles. A good broker (or agent , I have a great SF one for some policies) will make this happen.

My broker will look at all companies. That's her job to do for me.
Click to expand...
Liability insurance is provincially mandated to drive a vehicle. There is no requirement in law to have comprehensive on a vehicle that is not being driven (and I don't think it is required on one being driven but I am not sure). Comp on a parked vehicle is purely a personal decision and most insurance companies have decided they don't want to issue those policies.
 
meme said:
My advice for buying a bike in off season

0nly 2 things needed to buy, show up with a trailer and cash. Be prepped to walk away.

After that get insurance to cover theft/fire for the winter months.

Then take course and get road insurance, I'd suggest a broker over an agent
Click to expand...
Kinda but not quite. Motorcycles like cars cannot be insured just for fire & theft the way you do furniture or stuff in your house. As even in the winter it can theoretically be started up with a key and ridden you need Liability insurance, the fire, theft, etc sits "on top" of the liability. Also just like a car you need the appropriate LICENSE to get auto insurance and the rider training course makes a massive difference on the first year rate. Yes you can buy the bike cash and if you have a garage, leave it uninsured until the Spring AFTER you pass the course but still risky. You gotta trust your locks and neighbourhood I guess. Ideally you buy a motorcycle after you get the licensing and training out of the way. Even if you insure with just the M1 license (without any training) you will pay through the nose (makes sense, just a written multiple choice test) and pretty much get stuck with that rate the whole year. Wayyyy cheaper and easier if you pass the course first, and you DO NOT have to officially wait for M2 status. The day you pass we can put you on the road at M2 rates. Now is the time to do research on bikes, insurance, etc.
 
Last edited by a moderator:
NFP Moto said:
Kinda but not quite. Motorcycles like cars cannot be insured just for fire & theft the way you do furniture or stuff in your house. As even in the winter it can theoretically be started up with a key and ridden you need Liability insurance, the fire, theft, etc sits "on top" of the liability. Also just like a car you need the appropriate LICENSE to get auto insurance and the rider training course makes a massive difference on the first year rate. Yes you can buy the bike cash and if you have a garage, leave it uninsured until the Spring AFTER you pass the course but still risky. You gotta trust your locks and neighbourhood I guess. Ideally you buy a motorcycle after you get the licensing and training out of the way. Even if you insure with just the M1 license (without any training) you will pay through the nose (makes sense, just a written multiple choice test) and pretty much get stuck with that rate the whole year. Wayyyy cheaper and easier if you pass the course first, and you DO NOT have to officially wait for M2 status. The day you pass we can put you on the road at M2 rates. Now is the time to do research on bikes, insurance, etc.
Click to expand...
Did you mean unlike in word six? You can (and I have) insured cars for comp only. Insurance company didn't like it but they did it. I have never tried to get comp only on a bike.
 
Last edited by a moderator:
meme said:
"They don't like".

Oh well, insurance is provincially mandated for vehicles. A good broker (or agent , I have a great SF one for some policies) will make this happen.

My broker will look at all companies. That's her job to do for me.
Click to expand...
Your broker can only look at companies they have agreements with?
 
GreyGhost said:
Did you mean unlike in word six? You can (and I have) insured cars for comp only. Insurance company didn't like it but they did it. I have never tried to get comp only on a bike.
Click to expand...
The answer is kind of technical. After you set up proper insurance you can REMOVE the liability portion of motorcycle insurance but thats a form you have to sign off on and even then the few companies that can do that is for when you have two or more bikes, one of which still maintains the liability + comp insurance. But we have access to over 11 insurance companies to compare rates with, none of them will do that with just one bike much less without a moto license.
 
NFP Moto said:
The answer is kind of technical. After you set up proper insurance you can REMOVE the liability portion of motorcycle insurance but thats a form you have to sign off on and even then the few companies that can do that is for when you have two or more bikes, one of which still maintains the liability + comp insurance. But we have access to over 11 insurance companies to compare rates with, none of them will do that with just one bike much less without a moto license.
Click to expand...
Thanks for the details.
 
No, looks at all of them and gets me policy I want. I have had fire and theft in all vehicles bought in off season, when they hit the road then would I insure for road conditions
Evoex said:
Your broker can only look at companies they have agreements with?
Click to expand...
 
No NFTMOTO,.

Fire and theft policy set up for specific items, like jewels, insured for a specified amount
 
Wonder what house insurance would say if the uninsured neglected bike started the fire.

Ok, we disagree on something you heard. Call your broker and ask them.specifically for a quote from any insurance company. If they say they can't then I'd get a new broker. I've had to remind mine about some classic vehicle insurance, obscure but she got me the quote and a better one gran j was quoted directly.

Insurance!
 
Wyled said:
How much for your OFF TRACK AND STORAGE INSURANCE?
Click to expand...
Off track storage is a totally different thing as its mostly for your STUFF (trailer, wheels, lifts, gear, tools, etc) at the track. Super cheap, like $180/year or something but that does not cover the actual motorcycle.
 
NFP Moto said:
Off track storage is a totally different thing as its mostly for your STUFF (trailer, wheels, lifts, gear, tools, etc) at the track. Super cheap, like $180/year or something but that does not cover the actual motorcycle.
Click to expand...
Hm, okay. So is this thing outdated? Off Track & Storage - Dalton Timmis Insurance says "this program is designed to protect competition motorcycles from physical damage losses due to fire, theft, trailer upset and most other physical damage claims. We can also provide further insurance that covers items such as spare parts, tools and equipment." obviously the latter is the "stuff" portion of what you said but im wondering how someone could get the first portion of that quote?
 
Wyled said:
Hm, okay. So is this thing outdated? Off Track & Storage - Dalton Timmis Insurance says "this program is designed to protect competition motorcycles from physical damage losses due to fire, theft, trailer upset and most other physical damage claims. We can also provide further insurance that covers items such as spare parts, tools and equipment." obviously the latter is the "stuff" portion of what you said but im wondering how someone could get the first portion of that quote?
Click to expand...
True. I should clarify what I meant.... yes covers bike if STOLEN. Does not cover damage due to a crash
Forum Sponsor
 
You must log in or register to reply here.

Back
Top Bottom